Permitting authorities can require maintenance guarantees for up to 2 years after public improvement projects are completed.

This bill authorizes permitting authorities to require maintenance guarantees for a period of up to 2 years following completion, inspection, and acceptance of public improvement projects. The guarantees must be in the forms of financial instruments set forth in local regulations and enable the municipality to gain timely access to the secured funds. The local regulations must provide at least three acceptable forms of financial security. The permitting authority may specify improvement guarantee requirements related to each phase of construction.

Permitting authorities can require maintenance guarantees for up to 2 years after public improvement projects are completed.

This bill authorizes permitting authorities to require maintenance guarantees for a period of up to 2 years following completion, inspection, and acceptance of public improvement projects. The guarantees must be in the forms of financial instruments set forth in local regulations and enable the municipality to gain timely access to the secured funds. The local regulations must provide at least three acceptable forms of financial security. The permitting authority may specify improvement guarantee requirements related to each phase of construction.